Short BHEL and Bharti Airtel, says Tushar Mahajan, Head of listed Futures & Options - India, Nomura. If BHEL breaks Rs 220 odd level you could play for a short side down to Rs 200, he adds.

Mahajan told CNBC-TV18 ," BHEL has been in a downward trend for a while now, it has been consolidating between Rs 220 to Rs 240 range. With its disastrous set of numbers, which came out last week, we are beginning to see some downside open up on that. So for BHEL we are recommending clients that if it breaks the Rs 220 odd level you could play for a short side down to Rs 200."

He further added, "On Bharti Airtel we saw a massive run-up in the stock early part of January. The stock retraced all its gains back, currently trading almost around Rs 330 levels. Rs 320 is a good congestion zone where it rallied last January and we could see that if the stock begins to breakdown from Rs 320 it could go all the way to Rs 300. So Bharti and BHEL we are both recommending some short trades."